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Government clears merger of SinoChem and ChemChina

By Angeli Mehta2021-04-15T09:21:00+01:00
China’s chemicals giants will unite under a state-run holding company
Chinese regulators have approved the long-anticipated merger of two of the country’s major state-run chemical groups, Sinochem and ChemChina. Together the refining and chemicals giant will have revenues of over $150 billion (£109 billion), and its leaders anticipate cutting costs to become more competitive. However, analysts don’t expect to see any big changes just yet.
Source: © Reuters/Alamy Stock Photo
ChemChina will rely on ‘cash rich’ SinoChem to help overcome its debt from recent expansion overseas
ChemChina certainly needs Sinochem. It is heavily in debt, having paid $43 billion for Swiss agrochemicals business Syngenta in 2017. There are already ties between the two companies: last year, Sinochem merged its agricultural operations with Syngenta and Israel-based Adama (which ChemChina had bought in 2011). Reuters reported that ChemCh ....

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U.S. winter storm impacting the polyester value chain, analyst says - Canadian Plastics

The storm currently raging in Texas could have an impact on the global polyester chain, according to market analyst Wood Mackenzie. ....

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